Cottage-Style
For Sale
$829,900
3614 SW Vermont St, Portland, OR 97219
MultiFamily, Portland, OR
Property Size1,832 SF
Price / SF$453
Days on Market104
Property Features for 3614 SW Vermont St
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
R7
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 1
Subdivision
MULTNOMAH
Elementary school
Maplewood
Middle school
Jackson
High school
Ida B Wells
Directions
SW Capitol Hwy to SW Vermont St, east on SW Vermont to property at SW Vermont and SW 36th Ave.
Standard status
Active
APN
New Construction
Size
1,832 SF
Utilities
Cooling system
Heat Pump
Amenities
community walkway
bike parking
Building Details
Year built
2026
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: May 11
Changed: Aug 22
Last Checked: Aug 22 at 5:06PM
MLS# 788305557
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Under construction for 2026, this R7-zoned duplex property comprises two detached cottage-style homes with a combined 1,832 square feet. Each residence provides three bedrooms and 2.1 bathrooms, totaling six bedrooms, four full bathrooms, and two half bathrooms. Open main-level living areas include rooms that can serve as bedrooms, offices, dining areas, or additional living space. Upstairs bedrooms feature coffered ceilings, while walk-in closets, laundry areas, heat-pump mini-splits, and 2-10 Builder Warranty coverage are included. Individual entrances, a shared central walkway, and bike parking support the separate-home layout.
The property is located at 3614 SW Vermont St in Portland’s Multnomah County. Gabriel Park is nearby with trails, open space, sports courts, a dog area, and a playground. Multnomah Village provides nearby coffee, dining, retail, bakeries, and neighborhood services.
The property is located at 3614 SW Vermont St in Portland’s Multnomah County. Gabriel Park is nearby with trails, open space, sports courts, a dog area, and a playground. Multnomah Village provides nearby coffee, dining, retail, bakeries, and neighborhood services.
Key Highlights
- Two detached homes with 3 bedrooms and 2.1 bathrooms each
- Combined 1,832 square feet with 6 bedrooms, 4 full bathrooms, and 2 half bathrooms
- Under construction with a 2026 year built
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,903
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$538,060
$538.1K
Cap Rate 7%
$384,329
$384.3K
Cap Rate 9%
$298,922
$298.9K
Market Conditions
NOI Build-Up for 1,832 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.7K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$38.4K $20.98/SF
− OpEx
−$11.5K −$6.29/SF
NOI
$26.9K $14.69/SF
Area
ZIP 97219
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$538,060
Cap Rate 7%
$384,329
Cap Rate 9%
$298,922
Alternative Uses
Best Use
Multifamily LT 5
$384.3K
$336.3K – $448.4K
NOI $26,903 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$338.6K
$296.3K – $395.1K
NOI $23,704 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$514.5K
$450.2K – $600.2K
NOI $36,013 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 97219, OR
42,474
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,630
Density / Sq Mi
$115,525
Median Household Income
$59,178
Median Earnings
$1,603
Median Rent
$651,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two detached residences offer private entries, flexible main-level rooms, and efficient heat-pump climate control.
Where is this duplex located?
The property is located at 3614 SW Vermont St Portland, OR.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: Two detached homes with 3 bedrooms and 2.1 bathrooms each; Combined 1,832 square feet with 6 bedrooms, 4 full bathrooms, and 2 half bathrooms; Under construction with a 2026 year built
